Which of the following private bank has started the Bharat Bill Payment System (BBPS) on February 7, 2017

2017

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	ICICI Bank
B	YES Bank
C	Axis Bank
D	HDFC Bank

Explanation:

Detailed explanation-1: -The Reserve Bank of India had, on November 28, 2014, released the final guidelines for implementation of Bharat Bill Payment System (BBPS) (circular RBI/2014-15/327/DPSS.

Detailed explanation-2: -Bharat Bill Payment System (BBPS) is a RBI mandated system which offers integrated and interoperable bill payment services to customers across geographies with certainty, reliability and safety of transactions.

Detailed explanation-3: -National Payments Corporation of India (NPCI) has been authorized by RBI as the Bharat Bill Payment Central Unit (BBPCU) and is responsible for setting business standards, rules and procedures for technical and business requirements for all participants.

Detailed explanation-4: -NACH is a centralised Electronic Clearing System (ECS) system operated by NPCI. NACH was formed to consolidate multiple Electronic Clearing Service systems running across the country into one centralised system. It operates both NACH Credit and NACH Debit payment systems.

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